ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from pulsescan:
nah, can't see it.
i don't see strong hands buying yet. if anything i see more bears pilling on and taking positions as the "weak hands" cover for small gains.
no good news to rally on. everyone who is bullish is looking to the gummint to solve the financial crisis. i think they are in for a rude awakening.
NOTE: when analyst speak the opposite always holds true. economist and analyst are the same. they are paid to say nice things. calm things. soothing things. all is good. we are putting in a bottom. if you like yahoo at 300 you will love it at 3.00
the economy is strong, sound, solid. unemployment is low. etc etc etc.
Pulse, remember the 2 days of extreme tick reading I mentioned last week?
It is a very reliable signal for both long and short.
Today is the reverse of the same setup.
If tomorrow we get a similar setup, a buy signal may be in store.
Quote from Lawrence Chan:
Pulse, remember the 2 days of extreme tick reading I mentioned last week?
It is a very reliable signal for both long and short.
Today is the reverse of the same setup.
If tomorrow we get a similar setup, a buy signal may be in store.
yes i do remember that. (i actually forgot until you just mentioned it though)
that is a good point you raise. i'll admit that it was quite telling on those days you mentioned above. however, i see us in a tight trading range until something comes about to move us out of it. whether or not that be tick volume, vix , news or rumor it will take something of value to move it.i know that mkts can and often do remain unreasonable longer than we can remain solvent but i just can't see anybody going long this market aside from trading. i cant see long term investing without knowing what the long term is? nobody knows the future and right now the future looks dark.
Since we repeated last Thursday's pattern and that's what happened Thursday night, it is a pretty reasonable guess, specially with the double bottom and RSI divergence.
Here is my general observation about the market: Today everything is going faster, the market is on steroids. In 1929 it took 3 years to go down and get to the bottom. Maybe with today's speed 1 year is/was enough. After all some markets are down 70+% and there isn't much more room to fall.
Also, if we start to climb, HFs have to move in again, just to match the performance, and that pushes the market further higher. Not to mention we are already in the generally bullish part of the year.
Still there on cash as well as pointed out last week.
TDAY POWER !
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